Post Budget Review: Don’t Fall Into Rebased GDP and IMF Exit Temptations

Panelists at the post 2019 budget discussion at the Department of Finance, School of Business at the University of Cape Coast have admonished the government not to slip into the usual temptation of going back to the things that led to an IMF engagement.
Chairman of Round Table Discussion, Professor John Gatsi indicated that the history of rebasing and exit from an IMF program always led to over borrowing and return to indiscipline which later impaired economic governance.
He admonished government to see 2019 as an opportunity to demonstrate commitment to valuable lessons over the period to avoid slippages.
Panelist, Dr. William Cantah recognized the relative stability of the economy and called on government to ensure efficient distribution of public funds.
He added the Nation Builders Corps (NABCo) was important to reduce the psychological threat of unemployment among the youth but lacked efficiency of distribution of national revenue.
Dr William Kantah expressed satisfaction at the macro-economic performance but questioned the commitment of the government to domestic private sector as access to credit to private sector.
He also questioned why with the World Bank statistics indicating 24 per cent of the population being poor, the government will introduce the Free SHS for all and further divert a chunk of petroleum revenue to finance the program.
Mr. Seyram Kawor who was also  a panelist encouraged Ghanaians to  register for their Tax Identification Numbers (TIN)  to help in tax administration reforms but warned that the government is loosing its acclaimed flexible orientation to businesses.
Contributions from the students showed that the commitment by the government to the development of indigenous businesses is not backed by evidence in the face of the continuous collapse of Ghanaian owed businesses.
They however complained about government’s elaborate support for foreign automobile companies in the budget but showed no commitment to indigenous manufacturer, Kantanka AutoMobile.
Dr. Samuel Dadzie, another panelist and agricultural economist welcomed the new model to the Planting for Foods and Jobs but advised government to improve implementation of the program to deal with limitation of productivity and ensure enhanced contribution to the economy.
In all the panelists called for renewed commitment to the infrastructure plan for 2019.
During question time students requested for their inclusion as panelists for the 2020 budget discussion because they have a lot share as stakeholders.

By: Ghana/ of Cape Coast Business School